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Source
Issuer : Monetary Authority of Singapore (MAS)Act : Securities and Futures Act 2001 (SFA)Version : 1.1 issued 2 October 2020, last revised 25 February 2026Document type : Compliance Toolkit
Overview
This toolkit provides REIT Managers with a reference on common applications, forms, and submissions required under the SFA. It covers applications for MAS approvals, notifications to be submitted, and regulatory submissions (e.g. financial returns) applicable to REIT Managers.
This toolkit is not exhaustive, and REIT Managers are expected to be familiar with all applicable legislation. It excludes reporting obligations outside the SFA.
Applicability
REIT Managers holding a CMS licence for Real Estate Investment Trust Management.
Key Legislative and Regulatory Requirements
Securities and Futures Act 2001 (SFA) -- Parts IV, V
Securities and Futures (Licensing and Conduct of Business) Regulations (LCBR) (Rg. 10)
Securities and Futures (Financial and Margin Requirements for Holders of CMS Licences) Regulations (FMR) (Rg. 13)
Securities and Futures (Offers of Investments)(Collective Investment Schemes) Regulations (CISR)
Licence conditions on holders of CMS Licence in REIT Management
Guidelines to all holders of CMS Licence for REIT Management
Notice on Reporting of Misconduct of Representatives by Holders of CMS Licence and Exempt FIs
Code on Collective Investment Schemes (CIS Code)
Mode of Submission
MAS-Tx portal : https://mas-tx.mas.gov.sg (rep register: https://eservices.mas.gov.sg/rr)CoRe (MAS-Tx) : Primary platform for CMS licence and representative notificationsOPERA : https://eservices.mas.gov.sg/opera/Financial returns: submit via CoRe (MAS-Tx) or the mode prescribed under the MAS website
Submissions via FormSG and MAS-Tx: do not encrypt uploaded attachments
For email submissions: encrypt confidential/sensitive data; communicate password separately
Section A: Applications for Approvals from MAS
S/N
Requirement
Form
Deadline
Reference
Mode
1
Grant of CMS licence for REIT Management
Form 1
Prior to carrying on REIT Management business
Section 84 SFA
Email
2
Appointment of CEO or Director
Form 11
Prior to appointment / change
Section 96 SFA, Reg 12 LCBR
MAS-Tx
3
Obtain effective control of REIT Manager
Application under Section 97A(2) SFA
Prior to obtaining effective control
Section 97A SFA
MAS-Tx
4
Change of members/shareholdings (20%+)
No prescribed form
Prior to change
Licence condition
MAS-Tx
5
Acquire 20%+ interest in corporation / establish branch
No prescribed form
Prior to acquisition/establishment
Licence condition
MAS-Tx
6
Reduce paid-up share capital
No prescribed form
Prior to reduction
Reg 20 FMR
MAS-Tx
7
Disclose inspection reports
No prescribed form
Prior to disclosure
Sections 150A, 150C SFA
MAS-Tx
8
Disclose investigation reports (MAS investigation)
No prescribed form
Prior to disclosure
Section 152A SFA
MAS-Tx
Section B: Notifications to MAS
B1: Notifications in relation to the REIT Manager
S/N
Requirement
Form
Deadline
Reference
9
Cessation of business
Form 7 (with audit certification)
Within 14 days of cessation; Immediately for non-commencement after 6 months
Section 93 SFA, Reg 11 LCBR
10
Change of name / principal place of business
Form 10
Within 14 days from date of change
Section 93 SFA
11
Material adverse change to financial position (insolvency, inability to meet obligations, suspended payments)
No prescribed form
Immediate
Section 97C SFA
12
Change in shareholders (<20% control)
No prescribed form
Immediate
Licence condition
13
Execution of agreement for purchase/sale/merger of business
No prescribed form
7 days prior to execution
Licence condition
14
Resignation of CEO/Director; changes in director particulars, business interests, shareholdings
No prescribed form
As soon as practicable; for (i), no later than 14 days from resignation
Licence condition
15
Fitness & propriety concerns (offences, disciplinary actions, breach of laws by officers/reps)
No prescribed form
Immediate
Licence condition
16
Fewer than 3 full-time appointed representatives
No prescribed form
As soon as practicable
Licence condition
17
IT security incident (severe/widespread impact)
Per Circular on FI Incident Reporting
Within 1 hour of discovery (call/email)
Section 29(1) FSM Act (FSM-N21)
B2: Notifications -- Financial and Margin Requirements
S/N
Requirement
Form
Deadline
Reference
18
Temporary inclusions in financial resources
No prescribed form
Immediate
Reg 2A FMR
19
Base capital falls below prescribed amount
No prescribed form
Immediate
Reg 4 FMR
20
Financial resources fall below total risk requirement
No prescribed form
Immediate
Reg 6 FMR
21
Financial resources fall below 120% of total risk requirement
No prescribed form
Immediate
Reg 7 FMR
22
Preference shares issuance and repayment
No prescribed form
For issuance: prior; For repayment: 3 months before
Reg 21 FMR
23
Qualifying subordinated loan drawdown and repayment
No prescribed form
Prior to drawdown; prior to early repayment; 1 business day before matured loan repayment
Reg 22 FMR
B3: Notifications -- Representatives
S/N
Requirement
Form
Deadline
Mode
24
Appointment of appointed representative
Form 3A
Prior to appointment
MAS-Tx
25
Appointment of provisional representative
Form 3B
Prior to appointment
MAS-Tx
26
Appointment of temporary representative
Form 3C
Prior to appointment
MAS-Tx
27
Completion of examination requirements (provisional rep)
Form 3D
Prior to expiry of specified period
MAS-Tx
28
Cessation of representative
Form 8
(a) No later than next business day; (b) Immediate
MAS-Tx
29
Change of representative's particulars
Form 16
Within 14 days of change
MAS-Tx
B4: Notifications in relation to the REIT
S/N
Requirement
Form
Deadline
Mode
30
Significant change to the REIT
OPERA CIS Form 1-A/2-A
No later than 1 month from effective date
OPERA
Section C: Regulatory Submissions to MAS
S/N
Requirement
Form
Deadline
Mode
31
Quarterly financial returns
Forms 1 and 2
Within 14 days from quarter end
CoRe (MAS-Tx)
32
Annual audited financial returns and auditor's report
Forms 1-6
Within 5 months from FY end
CoRe (MAS-Tx) (Forms 1-4), MAS-Tx (Forms 5-6, auditor's report)
33
Offer Information Statement for REIT offers under Section 305B SFA
OPERA Form 6R
Prior to offer of units
OPERA
34
Copy of Professional Indemnity Insurance (PII)
Copy of PII
Available to MAS upon request
MAS-Tx
35
Misconduct reporting for representatives
Report on misconduct
Upon discovery; update for significant developments
MAS-Tx
36
Annual declaration of nil misconduct
Declaration of Nil Return
Within 14 days after 31 December of calendar year
MAS-Tx
37
IT incident root cause and impact analysis report
Incident Reporting Template
Initial: ASAP (max 24 hours); Final: within 14 days
MAS-Tx
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